Solana (SOL) Sees Massive Drop Following Rejection at $50

  • Solana’s price outlook show prices declined by over 9% within the past day.
  • SOL encountered another rejection at the $50 resistance.
  • Continued declines will see prices hitting the $38.65 lower support.

Solana price evaluation reveals bearish tendencies today following a heavy drop, losing more than 9% within the previous 24 hours. SOL attracted attention following its fall to $40.15 on 27 May 2022 since it recorded stable upside movements towards the resistance at $50. Nevertheless, the alternative token could not overcome hurdles around the $48 value region.

 If current declines persist, the rejection might see prices plummeting towards the bottom support barrier at $38.65. Nevertheless, this level can attract buyers looking for discounted prices. Solana’s 24hr trading volume declined by over 30%, confirming the token’s bearishness.

Meanwhile, all large-cap cryptos declined after yesterday’s upsurge. Bitcoin lost more than 6% towards sub-$29K. That translated to a bloodbath in the crypto market. Ethereum’s failure to overcome $2,000 has it crashing to explore $1,800 again, losing over 5% in a day. More declines in leading altcoins came from XRP (-3%), ADA (-8%), DOGE (-5%) and DOT (-6%).

Such market developments saw the global cryptocurrency market cap plunging within no time. While publishing this post, the cumulative value of all crypto assets stood at $1.23 trillion. The metric saw a 5.21% decline within the past day.

Daily Timeframe – Sharp Price Declines

The 24hr candle chart shows Solana’s price on a sharp plunge following stable upside movements. The alternative token encountered rejection near $48, failing to challenge the initial crucial resistance barrier at $50. That had the alt heading towards the support of $39.65. Meanwhile, the current decline saw SOL falling beneath 20- and 100-day MA, plus the vital 50-day EMA at $44.62.

Furthermore, the 24hr Relative Strength Index sees a unique plunge into the oversold territory, currently at 32.66. The Moving Average Convergence Divergence forms lower lows by remaining beyond the neutral level with the chance of recording a bearish divergence within the coming 24 hours.

Buyers can step up to defend the ongoing bearish wave around the $38 mark. Nevertheless, the RSI extending its decline into the oversold territory might see SOL revisiting the 12 May 2022 lows at $37.39. produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site.
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